Investment Rating - The report maintains an "Accumulate" rating for Jiangyin Bank (002807.SZ) with a current price of 4.45 CNY [1]. Core Views - Jiangyin Bank's 2024 annual report shows a revenue of 3.96 billion CNY, a year-on-year increase of 2.5%, and a net profit attributable to shareholders of 2.04 billion CNY, up 7.9% year-on-year. The weighted average return on equity (ROAE) is 11.55%, down 1 percentage point year-on-year [3][4]. Summary by Sections Revenue and Profitability - Jiangyin Bank's revenue, pre-provision profit, and net profit growth rates for 2024 are 2.5%, -4.8%, and 7.9%, respectively, with improvements of 1.2, 0.7, and 1.1 percentage points compared to the first three quarters [4]. - The net interest income and non-interest income growth rates are -6% and 31.2%, respectively, with increases of 1.3 and 1.8 percentage points compared to the previous three quarters [4]. Loan and Deposit Growth - By the end of 2024, the growth rates for interest-earning assets and loans are 6.6% and 7.6%, respectively, showing a slight improvement from the end of Q3 2024 [5]. - The bank's deposits grew at a rate of 9.1% year-on-year, with a notable increase in time deposits, which accounted for 63% of total deposits by year-end [6]. Net Interest Margin (NIM) and Income Structure - The NIM increased by 2 basis points to 1.76% despite a decline in asset yields and loan pricing pressure [7]. - Non-interest income reached 1.16 billion CNY, growing by 31% year-on-year, with significant contributions from investment income [8]. Asset Quality and Capital Adequacy - By the end of 2024, the non-performing loan (NPL) ratio and attention ratio were 0.86% and 1.22%, respectively, indicating a decrease from the previous quarter [9]. - The capital adequacy ratios are robust, with the core Tier 1 capital ratio at 14.1% and the total capital adequacy ratio at 15.2% [10]. Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are adjusted to 0.86 CNY, 0.89 CNY, and 0.91 CNY, respectively, with corresponding price-to-book (PB) and price-to-earnings (PE) ratios indicating a favorable valuation [11].

Core Viewpoint - The article discusses the financial performance of China Construction Bank (CCB) for the year 2024, highlighting a slight decline in revenue but an improvement in profit growth, alongside various operational metrics and trends [3][4]. Financial Performance Summary - CCB reported a total revenue of 750.2 billion, reflecting a year-on-year decline of 2.5%, while the net profit attributable to shareholders was 335.6 billion, with a growth rate of 0.9% [3]. - The annualized weighted average return on equity (ROAE) was 10.69%, down by 0.9 percentage points compared to the previous year [3]. Revenue and Profit Growth - The revenue decline has narrowed, with profit growth accelerating; the year-on-year growth rates for revenue, pre-provision profit, and net profit were -2.5%, -4%, and 0.9%, respectively, showing improvements compared to the first three quarters of 2024 [4]. - The net interest income and non-interest income growth rates were -4.4% and 5.1%, respectively, with changes of +1.5 and -1.7 percentage points compared to the previous quarters [4]. Credit and Loan Growth - By the end of 2024, CCB's interest-earning assets and loans grew by 5.8% and 8.3% year-on-year, although these growth rates decreased by 2.9 and 0.5 percentage points compared to the end of the third quarter [5]. Deposit Trends - CCB experienced a 5.7% year-on-year growth in interest-bearing liabilities and a 3.7% growth in deposits, with changes of -3.8 and +1.4 percentage points from the previous quarter [6]. - The total new deposits for the year were 1 trillion, which was a decrease of 1.6 trillion compared to the previous year, influenced by regulatory adjustments and interest rate cuts [6]. Net Interest Margin (NIM) - The NIM for the year was 1.51%, down by 19 basis points from 2023, but the rate of decline has slowed down, indicating a potential stabilization [7]. Non-Interest Income - CCB's non-interest income reached 160.3 billion, growing by 5.1% year-on-year, although the growth rate decreased by 1.7 percentage points compared to the previous quarters [8]. Asset Quality - The non-performing loan (NPL) ratio and attention rate were 1.34% and 1.89%, respectively, showing a decline of 1 basis point and 18 basis points from mid-year [9]. - The new NPLs for the year totaled 19.4 billion, which was a decrease of 13 billion year-on-year, indicating improved asset quality [9]. Capital Adequacy - By the end of 2024, CCB's core tier 1, tier 1, and total capital adequacy ratios were 14.5%, 15.2%, and 19.7%, respectively, with increases of 38, 21, and 34 basis points from the end of the third quarter [10]. - The bank plans to distribute dividends of 100.75 billion, maintaining a payout ratio of 30% [10].

Core Viewpoint - China Merchants Bank aims to maintain a return on equity (ROE) above 15%, although it acknowledges that this is contingent on external operating environment changes. The bank's ROE has recently fallen below this threshold due to industry pressures, but it remains confident in outperforming peer banks in this metric [1][3][4]. Financial Performance - For the year 2024, China Merchants Bank reported total operating income of 337.49 billion yuan, a year-on-year decrease of 0.48%. The net profit attributable to shareholders was 148.39 billion yuan, reflecting a year-on-year increase of 1.22%. As of the end of 2024, total assets reached 12.15 trillion yuan, marking a growth of 10.19% compared to the previous year [1]. Shareholder Returns - The bank plans to distribute a cash dividend of 2 yuan per share (before tax) to all shareholders, amounting to approximately 50.44 billion yuan in total dividends. The cash dividend payout ratio for 2024 is set at 35.32%, which is higher than the previous years' ratios of 33% in 2022 and 35.01% in 2023 [2]. ROE and Competitive Position - The bank's management expressed confidence in maintaining a leading ROE compared to peer banks, driven by its net interest margin and advantages in wealth management. Despite challenges from low interest rates and fees, the bank believes its competitive edge will help sustain its ROE [3][4]. Asset Quality Management - The bank emphasizes the importance of managing retail credit risk, focusing on optimizing risk management models and selecting high-quality customer segments. The management anticipates that as the economic situation improves, the quality of retail credit assets will stabilize [5]. Customer Growth Strategy - China Merchants Bank is focusing on expanding its customer base, particularly among university students and young clients, as well as enhancing services for families and cross-border clients. The retail customer base reached 210 million, while corporate clients numbered 3.1664 million, indicating solid growth [7]. Non-Interest Income - The bank aims to stabilize and recover its fee and commission income, which has faced pressure in recent years. The management noted that while there was negative growth in this area last year, the decline has been narrowing. They expect a recovery in non-interest income driven by favorable macroeconomic policies [8][9]. AI Investment - China Merchants Bank has significantly increased its investment in AI technologies, establishing an AI laboratory in 2017 and forming an "AI + Finance" working group in response to advancements in AI. The bank aims to become a leader in intelligent banking [10]. Capital Management and Dividends - The bank maintains a cautious approach to balancing capital adequacy and shareholder returns, emphasizing the importance of stable cash dividends for long-term value creation. The management is committed to ensuring that dividend policies do not fluctuate significantly year-on-year [11]. Market Value Management - The bank's management believes that effective operational management and enhanced profitability are crucial for market value management. They aim to strengthen their capabilities in profitability, risk management, and innovation to create value for stakeholders [12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has returned to positive profit growth, with a focus on risk reduction and increased dividends, showcasing a stable high dividend yield [1][6] - In 2024, the company achieved revenue of 212.2 billion yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.2 billion yuan, up 0.1% year-on-year [4][6] - The non-performing loan (NPL) ratio decreased by 1 basis point to 1.07% in Q4 2024, while the provision coverage ratio increased by 4.2 percentage points to 238% [4][6] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 210.8 billion yuan in 2023 to 215.7 billion yuan in 2025, with a compound annual growth rate (CAGR) of 1.64% [5] - The net profit attributable to shareholders is expected to increase from 77.2 billion yuan in 2024 to 78.5 billion yuan in 2025, reflecting a growth rate of 1.67% [5] - The return on equity (ROE) is forecasted to decline slightly from 9.89% in 2024 to 9.37% in 2025 [5] Revenue and Profitability Analysis - Net interest income continues to grow steadily, contributing positively to revenue, with a 1.1% year-on-year increase in 2024 [6][8] - The company’s non-interest income decreased by 0.3% in 2024, primarily due to a 13% decline in fee income [6][8] - The cost-to-income ratio is expected to improve, with a projected decrease from 29.97% in 2023 to 29.50% in 2024 [13] Asset Quality and Risk Management - The company’s asset quality is showing steady improvement, with a projected NPL generation rate of 0.93% for 2024, down from 1.08% in 2023 [9][11] - The company has maintained a strong provision coverage ratio, indicating a robust buffer against potential loan losses [9][11] - The company’s focus on key sectors such as technology, green finance, and inclusive finance is expected to drive loan growth in 2025 [6][10] Dividend Policy - The dividend payout ratio has increased to over 30%, marking 15 consecutive years of dividend growth, with an expected dividend yield of 4.93% in 2025 [6][9]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Postal Savings Bank, with current prices at 5.33 CNY and 5.09 HKD respectively [1]. Core Insights - The bank reported a revenue of 348.8 billion CNY for 2024, reflecting a year-on-year growth of 1.8%, while the net profit attributable to shareholders was 86.5 billion CNY, up 0.2% year-on-year [2][3]. - The bank's return on equity (ROE) was 9.84%, down 1.01 percentage points year-on-year [2]. Financial Performance - Revenue growth improved by 1.7 percentage points quarter-on-quarter, with net interest income increasing by 1.5% year-on-year and non-interest income rising by 3.2% [3]. - The bank's net interest margin (NIM) for 2024 was 1.87%, narrowing by 2 basis points from the previous quarter and 14 basis points year-on-year [6][7]. - Non-interest income accounted for 18% of total revenue, with a year-on-year growth of 3.2% [7]. Loan and Deposit Growth - By the end of 2024, interest-earning assets and loans grew by 7.9% and 9.4% year-on-year, respectively [4]. - The bank's total deposits increased by 9.5% year-on-year, with retail deposits making up 89.1% of total deposits [5]. Asset Quality - The non-performing loan (NPL) ratio was 0.9%, up 4 basis points from the previous quarter, but still below the industry average [8]. - The bank's provision coverage ratio was 286.2%, down 15.7 percentage points from the previous quarter [8]. Capital Adequacy - By the end of 2024, the bank's core tier 1 capital adequacy ratio was 9.56%, up 14 basis points from the previous quarter [9]. - The risk-weighted assets (RWA) grew by 5.3% year-on-year, indicating a stable capital position [9]. Cost Management - The bank plans to reduce its savings agency fees, which is expected to lower overall business and management expenses by 3.5 billion CNY [10][11]. Earnings Forecast - The report projects earnings per share (EPS) of 0.87 CNY for 2024, with a stable cash dividend payout ratio of 30% [12][33].

不过，受市场利率低位运行及有效融资需求不足等影响，该行净息差连续两年收窄至1.98%，较2023年下降0.17个 百分点。 而净息差作为衡量银行盈利能力的关键指标，直接关系到银行的竞争力和市场地位。 "去年招商银行的息差是1.98%，同比下降17个基点，虽在下降，但下降幅度好于行业平均水平，仍保持领先位 置。" 招商银行副行长彭家文在当日的业绩交流会上表示。 华夏时报（www.chinatimes.net.cn）记者 刘佳 北京报道 "现在宏观环境对银行经营确实带来了比较大的挑战，当然也有机遇。但银行最大的挑战还是内需总体不足，导致 利率下行。所以利率下行既是周期性的，也是趋势性的。"3月27日，招商银行董事长缪建民在该行业绩交流会上 表示，"现在我们面临的挑战主要是低利率、低利差、低费用对盈利能力带来的挑战，不过招行的优势在银行业内 依旧明显。" 作为零售业务的排头兵，招商银行的 "成绩单" 一经发布，便受到市场关注。 据招商银行2024年年度报告数据显示，2024年招商银行净利润为1483.91亿元，同比增长1.22%；营业收入3374.88 亿元，同比下降 0.48%；总资产达到12.15万亿元，较上年 ...

公 司 报 告 招商银行(600036.SH) 营收韧性凸显，分红率稳中有升 强烈推荐（维持） 股价：45.09 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.cmbchina.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.06% | | 实际控制人 | | | 总股本(百万股) | 25,220 | | 流通 A 股(百万股) | 20,629 | | 流通 B/H 股(百万股) | 4,591 | | 总市值（亿元） | 11,351 | | 流通 A 股市值(亿元) | 9,302 | | 每股净资产(元) | 41.46 | | 资产负债率(%) | 89.8 | 行情走势图 银行 2025 年 3 月 26 日 相关研究报告 【平安证券】招商银行（600036.SH）*季报点评*盈利 负缺口收窄，资产质量保持稳健*强烈推荐20241030 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.c ...